Ramallah, the Financial Follow-up Unit and the Inspection and Supervision Department in Palestine Monetary Authority held a workshop on Anti-Money laundering for the Palestinian Lending Institution.

Riyad Abu Shehadeh, Director of Inspection & Supervision Department in PMA and Riyad Aweidah, Director of Financial Follow-up Unit; opened the session that was attended by representatives of the Palestinian Lending Institutions.

Abu Shehadeh pointed out the importance and sensitivity of AML issue and the necessity of reinforcing the methods of AML in the financial institutions. Then, Riyad Aweida spoke about the Specialized Lending Institutions in Palestine as one of the most important Palestinian economical sector.

The workshop lecturer was Firas Morar, Head of Data and Analysis Division in the Financial Follow-up Unit in PMA, introduced the concept of AML, its phases, and the expected risks that could be resulted from the financial institutions, also he talked about the original crimes that lead to the AML crime, and the methods that lessen Money Laundering.

Whereas, Aweida explained the role of Palestine in AML as well, he mentioned the applicable legal procedures and the establishment of the Financial follow up unit and its role of maintaining the national economy.

This workshop took place among the national training program that has been organized by the Financial Follow up Unit in order to increase the public awareness of the Palestinian society, accordingly this workshop aimed at maintaining the Lending Institution by reinforcing their awareness.